Canadian Prime Minister Justin Trudeau to visit India from February 17 to 23

India: A market needed to be explored to do business

The Voice of Chandigarh News Service

Indo Canada Chamber of Commerce led a trade delegation to India in January 2018. Nearly 30 small and medium-sized business (SMB) owners visited Mumbai, Ahmedabad, New Delhi, Chandigarh, and Kolkata.

The Chamber’s 2018 trade mission provided an opportunity to Canadian small businesses to explore new possibilities in the emerging Indian market. Mission delegates actively participated in the business to business meetings, business to government meetings actively and participated in networking events with our partner organisations in India such as All India Association of Industries (AIAI), Gujarat Chamber of Commerce and Industry (GCCI), Mohali Industrial Association (MIA), Indo Canadian Business Chamber (ICBC) etc.

The presence of a Canadian delegation, led by ICCC reflected its commitment to promoting business and commercial relations with India. The active participation of our delegates in all the business meeting makes Canadian presence felt in letter and spirit.

It is meaningful that relations between Canada and India have moved to a new level of co-operation in the past couple of years. Reciprocal visits of bureaucrats, political leaders and business leaders paving the way forward to take this relationship to a new level in the present Trudeau government.

ICCC also welcomes the announced visit of Canada’s Prime Minister, Rt. Hon. Justin Trudeau, to India – at the invitation of India’s Prime Minister Hon. Narendra Modi – for a state visit from February 17 to 23, 2018.

ICCC has a vested interest in promoting the role of Small and Medium Businesses (SMBs) in bilateral economic relations between Canada and India. Over the years, the chamber has provided valuable networking opportunities to interested businesses from India and it organizes over hundred annual events in Canada and India. The four-decade-old Toronto-based organization is the largest institution with membership comprised of Canadians of Indian origin.

In Canada, SMBs account for 45 percent of GDP, 75 percent of net employment growth, and 60 percent of all jobs, with a commanding share of exports in agriculture, forestry, transportation, and construction – at present these are largely directed to the region covered by the North American Free Trade Agreement (NAFTA). SMB figures from India are equally impressive, accounting for 20 percent of India’s GDP, 65 million jobs and 45 percent of manufacturing and exports.

While corporations are experiencing downturns in the current economic conditions in the wake of declining oil prices and depreciating loonie, SMBs have displayed exceptional resistance, stabilizing employment and income levels. The success of corporations is often dependent on SMBs. They are important contributors to the economy and they must continue to take their financial place – they are the most significant solution to economic challenges.

It is easy to launch a new business in Canada, and its provinces have shown great interest in Indian investment and vice-versa. Canada is known as one of the best places to do business in the G7, because of its tremendous working conditions, high standard of living, skilled workforce, and world-class health facilities. Moreover, the country boasts industry that is networked with educational institutes; it is advanced in manufacturing and food processing; it has expertise in agro-industry, aerospace, automotive industries, clean technology, digital media, IT, nanotechnology, life sciences, material research, mining, and biotechnology; and it is a multicultural society with a rule of law and democratic practices supported by an efficient banking system.

Small businesses have limited resources to operate in the global market. ICCC is committed to assisting them with networking opportunities and providing them with a platform to enter the Indian market. The trade mission in January facilitated connections between Canadian delegates and Indian economic organizations with significant representation in the SMB sector.

India Mission 2018 delegates also benefited from interactive sessions with business leaders, political leaders, and senior government officials who are directly involved with the promotion of trade ties with Canada. These connections are crucial for the expansion of Canadian SMBs into the Indian market – Canada and India are natural partners for innovative projects.

SMBs continue to play a significant role in taking Canada-India relations to a new level of consultation, coordination, joint projects, joint ventures and joint research.

Kanwar Dhanjal is the president of the Indo Canada Chamber of Commerce (www.iccconline.org).